On Monday, XRP rose 3.17% to end the day at $0.39832. Silence from US regulators and lawmakers provided some respite after last week’s regulatory scrutiny. Technical indicators turned bullish, indicating a return to $0.42.
On Monday, XRP rose 3.17%. Reversing a 2.12% drop since Sunday, XRP ended the day at $0.39832. The bullish session supported a return of XRP to $0.40 for the first time in four sessions.
A bearish start to the day saw XRP slide to an early morning low of $0.3775 before making a move. XRP briefly fell through the first major support level (S1) at $0.3817 to test the second major support level (S2) at $0.3772.
However, finding support in the crypto market, XRP surged to a high of $0.40861 in the early afternoon. XRP broke above the first major resistance level (R1) at $0.3941 and briefly through the second major resistance level (R2) at $0.4020 before pulling back to end the day at $0.39832.
Ripple Expansion News Offers Bullish US Holiday Session
It was a quiet Monday session with US markets closed for George Washington’s birthday. Monday’s US holiday left the crypto market free of regulatory activity and chatter from US lawmakers, supporting a broad-based crypto rally.
With no SEC versus Ripple updates for investors to consider, Ripple news provided price support.
XRP Price Action – Technical Indicators
Investors should continue to monitor the Binance, FTX, Genesis, and Silvergate Bank news wires and talks related to the SEC v Ripple case. However, SEC activity, as well as talk by US lawmakers, is expected to remain the key factor, unless the courts rule in the SEC v. Ripple case.
XRP needs to avoid the $0.3948 pivot to target the first major resistance level (R1) at $0.4121. A move through Monday’s high of $0.40861 would indicate a bullish session. However, the broader crypto market, as well as the SEC versus Ripple talk, would need to support a breakout.
In the event of another prolonged rally, XRP would likely test the second major resistance level (R2) at $0.4259. The third main resistance level (R3) sits at $0.4570.
A fall through the pivot would bring the first major support level (S1) into play at $0.3810. However, barring an extended cryptocurrency sell-off, XRP should avoid below $0.38 and the second major support level (S2) at $0.3637. The third major support level (S3) sits at $0.3326.
The EMAs and the 4-hour candlestick sent a bullish signal. A bullish cross from the 50-day EMA through the 100-day EMA would support a break from R1 ($0.4121) to bring R2 ($0.4259) into play. However, a drop through the EMAs would give the bears a run on S1 ($0.3810). A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda
